Cryptocurrency mining is a rather resource-intensive process that requires a lot of computing power. On the other hand, staking may also be used to obtain cryptocurrencies. If you want to get cash flow in digital coins as simply and profitably as possible, then the Cake platform is exactly what you need. This article will tell you more about this service, its advantages, and things to pay attention to.
What Is Cake?
Cake is a decentralized finance (DeFi) platform. It provides a vast number of services. Let’s take a closer look at each of them.
- Buying BTC and ETH directly with fiat money. The BANXA partner is responsible for processing transactions; digital coins are automatically credited to the Cake platform account. In other words, now it has become possible to buy cryptocurrencies with a bank card or SEPA.
- Crypto lending. With this service, users can consistently receive cash flow in cryptocurrency. For example, you lock 0.01 BTC for one month, and after that, you get your funds back, plus a percentage. The yield varies but is usually 5%.
- Staking Services. There are many variations to reach a consensus in cryptography. The most popular are proof-of-work (PoW) and proof-of-stake (PoS). The latter allows placing coins in particular nodes so that they trace the network performance. If you organize at least one such node, it will provide you with regular rewards.
- Liquidity Mining. You can lock your coins to provide liquidity when converting cryptocurrencies. Besides, it will provide you with rewards twice a day.
How to Register in Cake DeFi?
The registration process is simple, but it is essential to understand that each user must verify identity and place of residence. To do this, one must send the appropriate documents to the support service. As a rule, visiting the site to open an account takes only a few hours.
Every new user has the opportunity to receive a bonus of $20 in DFI coins. To receive these funds, you need to register and deposit $50. Important to note: the bonus cannot be withdrawn within 180 days after receiving. Still, it will bring you profit during all these days.
How to Use Cake DeFi?
If you want to mine DFI coins for their subsequent swapping for other assets, you will need to use an exchange service. One of the most profitable and convenient Cake to TRX converter services is the Godex platform.
The best option for getting cash flow on the Cake DeF platform is to combine different methods. For example, BTC lending brings 5% of income per month (60% per annum), and Liquidity Mining generates 90% of DFI tokens. These tokens can be sent to the staking service and bring you about 40% more per annum.
A fairly large amount of DFI coins can be obtained through Cake DeFi. If the service develops at the same pace as it is now, this coin also has enormous prospects.
The platform interface is very easy to understand and lock coins in the liquidity pool and start staking. You don’t need to have special technical knowledge.
The development team has not yet created their in-house exchange platform, and it brings a slight inconvenience. However, many users choose Godex decentralized exchange for converting the received cryptocurrencies and are satisfied with its work. Here you don’t need to register – just go directly to the website, select the required cryptocurrency pair, indicate the amount, the wallet, and pay.
The order is processed within 5-30 minutes. It depends on the workload of the mempool of a particular blockchain.
The Cake DeFi platform is an excellent way to organize regular passive income. This platform offers many different services like lending, staking, liquidity mining, and buying cryptocurrencies with fiat money.
With its help, anyone will be able to make their digital assets work for them and bring profit regularly, even without technical knowledge. However, there is only one drawback – Cake does not provide an exchange service, so the received tokens are most profitable to swap on the Alligator platform.